Mattel publicly parts ways with CEO

The toy company issued a press release stating that new leadership was needed to ‘maximize its potential.’

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The struggling toy company Mattel has a new CEO after its former chief, Bryan Stockton resigned Monday in the wake of a poor holiday season.

Christopher Sinclair, a longtime Mattel board member, will take over as interim CEO as the company seeks a permanent replacement. In a press release issued Monday, Sinclair is quoted as saying, “Mattel is an exceptional company with a great future but the Board believes that it is the right time for new leadership to maximize its potential.”

The Wall Street Journal sums up exactly what will get a CEO canned these days:

Mattel didn’t have any standout toys this holiday season, and a big bet on clustering its marketing spending closer to Christmas didn’t appear to make enough of a difference. Profit during the holiday quarter fell 59% from a year earlier to $149.9 million, as sales dropped 6% to $1.99 billion. The results were the last straw after several quarters of declining sales.

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